NA addresses measures to enhance economic capacity and resilience

May 23, 2024 - 16:54
NA Chairman Mẫn suggested that by the end of this year, scenarios should be developed to reform the macro-economic foundation.
NA Chairman Trần Thanh Mẫn speaks with NA deputies at the seventh session of the 15th NA on Thursday. — VNA/VNS Photo

HÀ NỘI — Enhancing economic capacity and resilience and changing policies to unlock resources for business expansion were among the hot topics discussed by National Assembly (NA) deputies at the seventh session of the 15th NA on Thursday.

The NA deputies discussed the implementation of the socio-economic development plan and the state budget for 2023, the socio-economic development situation in the first months of 2024, efforts in practising thrift and combating wastefulness in 2023 and the results of achieving national goals on gender equality in 2023.

Speaking at the discussion, NA Chairman Trần Thanh Mẫn noted that Việt Nam's economy met 10 out of 15 targets in 2023. Notably, the industrial, construction, agriculture-forestry-fishery and service sectors have regained growth momentum.

Regarding the GDP growth rate of 5.05 per cent in 2023, NA Chairman Mẫn acknowledged that while the economy did not meet the target of 6.5 per cent, it was a significant effort given that some countries across the region and the globe experienced negative growth.

He also called for a more detailed assessment of the impact on growth of exports, consumption and domestic private investment in the past year. He emphasised the need to clarify causes and propose responsive solutions for sustainable growth.

NA Chairman Mẫn suggested that by the end of this year, scenarios should be developed to reform the foundation of the macro-economy. Specific solutions to growth model innovation, effective international economic integration, private sector development and foreign investment attraction should also be implemented.

Additionally, the NA Chairman urged the Government and relevant ministries to issue decrees guiding the implementation of laws that have been passed by the NA.

As for macro-economic stability, the Chairman proposed developing a comprehensive programme to promote growth for the 2024-25 period. This would involve applying flexible macro-economic policies to address the current unfavourable global and regional economic situation.

Noting a gradual decline in private investment rates over the years, with only a 4.2 per cent increase in 2024, Deputy Trần Anh Tuấn from HCM City emphasised the need to vigorously stimulate domestic production demand, primarily through fiscal policies such as tax incentives.

Despite an increase in the number of newly established enterprises, there has also been a significant rise in dissolution, bankruptcy and cessation of operations.

Tuấn pointed out that procedures need to be simplified and resources allocated to support business operations.

Echoing Tuấn's views, Deputy Hoàng Văn Cường from Hà Nội suggested the need for solutions to stimulate domestic demand, such as fiscal policies like reducing VAT and postponing deadline for land fee payments.

Proposal to issue gold certificates and control airfares

Recent fluctuations in gold prices, airfares and real estate prices have caused concern among NA deputies.

Deputy Bùi Hoài Sơn from Hà Nội suggested that measures need to be taken to adjust airfares, which negatively affect travel demand and reduce the number of tourists.

According to Sơn, one of the reasons for high flight prices is the lack of cooperation between aviation and tourism. He proposed support packages for the aviation-tourism industry to reduce prices, such as funding airport service fees and investing in aircraft maintenance centres in Việt Nam.

As for recent gold price fluctuations, Deputy Phạm Đức Ấn from Hà Nội stressed the need for a multi-faceted assessment and strict market management policies to minimise the impact on exchange rates.

"This is a very technical issue, but at a certain level, the Government must work on more effective solutions to better manage the gold market and avoid high discrepancies between the domestic and international gold prices," he said.

Deputy Cường proposed issuing gold certificates, meaning individuals could purchase gold and deposit in the central bank and get certificates of gold deposits in return, as a method of adjusting domestic gold prices to remain in line with global prices.

Regarding the real estate market, Deputy Tạ Thị Yên from Điện Biên Province pointed out that the existence of 14,000 resettlement houses in Bình Tân District and Thủ Đức City in HCM City has wasted public financial resources.

She suggested clarifying the responsibilities of relevant agencies, organisations and individuals.

Minister of Home Affairs Phạm Thị Thanh Trà stated that many localities are actively rearranging administrative units at district and commune levels over the 2023-25 period, but some areas show signs of hesitation.

This is a matter of special concern for the Party Central Committee, the Politburo, the NA and the Government, which considers it a key task to prepare for the 14th Party Congress.

Currently, 54 out of 63 localities are required to rearrange their administrative units at the district and commune levels.

Trà mentioned that some localities have not issued directives or guiding documents, and may not meet the September 30 deadline.

She said only ten localities have submitted their files so far. It will therefore be very difficult for the Government to report to the NA Standing Committee. — VNS